Is this wave of BTC correction really over? The direct answer is: far from it.

This is not about the bear market bottom, but rather that the current phase of correction still has room to move downward.

First, let's look at the heat and coldness of the futures market. On March 12, 2025, the minimum open interest in futures was as low as 85 billion, and at the current stage, the minimum open interest has already rebounded to 123 billion. The rebound from the bottom in open interest indicates that market participation is recovering, but this also means that BTC still has the potential to decline further—after all, the thicker the open interest, the greater the room for adjustment.

The long-short strength comparison on Hyperliquid is also very interesting. There are 37,556 longs against 16,872 shorts, with a long-short ratio of 2.2. It seems that longs are dominant, but overly crowded longs often signal reverse risk. Such extreme long-short ratios frequently precede counter-movement fluctuations in history.

Combining these two indicators, while market sentiment has warmed up, the momentum for correction has not yet been fully released. The bottom zone may require further testing before it can be truly established.